Alma Media has sold the real estate classified site City24 to Koha Capital Oü, an Estonian media holding. Financial details have not been disclosed.
City24 is the leading real estate property portal in the Baltics. It operates three sites, each dedicated to one Baltic country – Estonia, Latvia and Lithuania. The firm's strongest market is Estonia, where it is also the largest player in terms of revenue. In Latvia, City24 is rapidly growing as the real estate market shows signs of revival and further revenue support is found. In Lithuania, City24 focuses on new residential projects only.
Alma Media is a media company focusing on digital services and publishing. In addition to news services, the company's products provide information related to lifestyle, career and business development.
Oaklins' team in Estonia acted as the exclusive sell-side advisor to Alma Media.
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